Thirty-Year Bond Auction Attracts Average Demand

After selling three-year and ten-year notes on Monday, the Treasury Department finished off this week's series of long-term securities auctions with the sale of $14 billion worth of thirty-year bonds on Tuesday, attracting average demand.

The thirty-year bond auction drew a high yield of 3.100 percent and a bid-to-cover ratio of 2.38.

Last month, the Treasury sold $17 billion worth of thirty-year bonds, drawing a high yield of 3.130 percent and a bid-to-cover ratio of 2.38.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.39.

Today's thirty-year bond auction came after the Treasury sold $32 billion worth of three-year notes and $22 billion worth of ten-year notes on Monday.